Valuation of let property
When an individual dies everything they own is valued to calculate the inheritance tax (IHT) due on their estate. These assets include the deceased’s main home and any let properties they may own.
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What is PPR Relief?
Most people are aware that generally capital gains is not payable on any gain made when selling their main home. This is due to Principal Private Residence Relief (PPR).
NRLS Scheme – Agents
The ‘Non-Resident Landlord Scheme’ (NRLS) requires persons who act as ‘representatives’ (agents) for the landlord to deduct basic rate tax from the net rent collected (rental income less expenses paid) unless the agent or tenant has authority from HMRC to pay the landlord gross.
Property Business Expense on Cessation
Where a property business ceases there is a relief for expenses incurred in relation to the business after it has ceased. The business typically would cease where the property is no longer let or is sold.
CGT on sale of homes
Capital gains tax (CGT) may be due when you sell a second home or a property that has not been occupied as your main home for the entire period of ownership.
Business rates on empty properties
As a landlord you may have lost income during the pandemic as tenants have left or gone into liquidation. Council tax (for residential properties) and business rates (for commercial premises) remain payable when a building is empty but there may be reliefs available.
SDLT surcharge for non-residents
Stamp duty land tax (SDLT) applies to purchases of most land and buildings in England and Northern Ireland. Wales and Scotland impose different land taxes.
Property Versus Pension
We have often heard the phrase, ‘my property is my pension’. People tend to have different plans for retirement. As life expectancy has continually increased for the UK population over the past decades, it follows that the thought of ensuring a decent quality of life post retirement is considered.